MTBA vs. IRONX

Last updated Jun 4, 2026

MTBA (Simplify MBS ETF) and IRONX (Ironclad Managed Risk Fund) are both funds - MTBA is a Mortgage Backed Securities fund actively managed by Simplify, while IRONX is a Options Trading fund managed by BlackRock. Over the past year, MTBA returned 5.18% vs 14.96% for IRONX. At a 0.21 correlation, their price movements are largely independent. MTBA charges 0.15%/yr vs 1.25%/yr for IRONX.

Performance

MTBA vs. IRONX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify MBS ETF (MTBA) and Ironclad Managed Risk Fund (IRONX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MTBA achieves a -0.23% return, which is significantly lower than IRONX's 5.42% return.

MTBA

• 1D: -0.12%
• 1M: 0.21%
• YTD: -0.23%
• 6M: 0.18%
• 1Y: 5.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IRONX

• 1D: -0.07%
• 1M: 2.68%
• YTD: 5.42%
• 6M: 4.78%
• 1Y: 14.96%
• 3Y*: 12.28%
• 5Y*: 9.67%
• 10Y*: 26.84%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MTBA vs. IRONX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MTBA Simplify MBS ETF	-0.23%	7.74%	1.99%	3.64%
IRONX Ironclad Managed Risk Fund	5.42%	10.57%	14.78%	4.82%

Correlation

The correlation between MTBA and IRONX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Nov 8, 2023	0.21

The correlation between MTBA and IRONX shifts across timeframes, from 0.21 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MTBA vs. IRONX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MTBA

MTBA Risk / Return Rank: 45
MTBA Sharpe Ratio Rank: 48
MTBA Sortino Ratio Rank: 48
MTBA Omega Ratio Rank: 51
MTBA Calmar Ratio Rank: 37
MTBA Martin Ratio Rank: 39

IRONX

IRONX Risk / Return Rank: 43
IRONX Sharpe Ratio Rank: 42
IRONX Sortino Ratio Rank: 39
IRONX Omega Ratio Rank: 41
IRONX Calmar Ratio Rank: 46
IRONX Martin Ratio Rank: 46

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MTBA vs. IRONX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify MBS ETF (MTBA) and Ironclad Managed Risk Fund (IRONX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	MTBA	IRONX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.89	-0.22
Sortino ratio: Return per unit of downside risk	2.38	2.61	-0.23
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	1.84	2.57	-0.73
Martin ratio: Return relative to average drawdown	6.28	9.61	-3.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MTBA vs. IRONX - Sharpe Ratio Comparison

The current MTBA Sharpe Ratio is 1.68, which is comparable to the IRONX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of MTBA and IRONX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MTBA	IRONX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	1.89	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.03	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.30	0.57	+0.73

Drawdowns

MTBA vs. IRONX - Drawdown Comparison

The maximum MTBA drawdown since its inception was -3.48%, smaller than the maximum IRONX drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for MTBA and IRONX.

Drawdown Indicators

	MTBA	IRONX	Difference
Max Drawdown Largest peak-to-trough decline	-3.48%	-13.71%	+10.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-5.99%	+3.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-13.71%	—
Current Drawdown Current decline from peak	-1.60%	-0.07%	-1.53%
Average Drawdown Average peak-to-trough decline	-0.79%	-1.78%	+0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	1.60%	-0.77%

Volatility

MTBA vs. IRONX - Volatility Comparison

The current volatility for Simplify MBS ETF (MTBA) is 1.33%, while Ironclad Managed Risk Fund (IRONX) has a volatility of 1.84%. This indicates that MTBA experiences smaller price fluctuations and is considered to be less risky than IRONX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTBA	IRONX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	1.84%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	2.47%	5.96%	-3.49%
Volatility (1Y) Calculated over the trailing 1-year period	3.10%	8.14%	-5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.95%	9.45%	-5.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.95%	40.76%	-36.81%

MTBA vs. IRONX - Expense Ratio Comparison

MTBA has a 0.15% expense ratio, which is lower than IRONX's 1.25% expense ratio.

Dividends

MTBA vs. IRONX - Dividend Comparison

MTBA's dividend yield for the trailing twelve months is around 6.09%, more than IRONX's 0.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IRONX Ironclad Managed Risk Fund	0.06%	0.06%	0.19%	5.17%	2.97%	13.84%	4.16%	121.75%	8.85%	9.93%	1.42%	0.38%
MTBA Simplify MBS ETF	6.09%	5.98%	6.03%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MTBA and IRONX in my portfolio?

MTBA and IRONX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTBA or IRONX?

IRONX has higher volatility (1.84%) compared to MTBA (1.33%). In terms of maximum drawdown, MTBA dropped -3.48% vs IRONX's -13.71%.

Which has better risk-adjusted returns?

IRONX currently has the higher Sharpe Ratio (1.89 vs 1.68), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.